Rongsheng Earnings: Shipbuilder's Cash Position Weakens

Chinese Company Posts First-Half Loss; Finance Chief Stays Optimistic

Aug. 28, 2013 11:17 a.m. ET

BEIJING—One of China's biggest shipbuilders, which last month issued an unusual call on the government for financial support, posted a first-half loss of 1.3 billion yuan ($212 million), massively running down its cash stores in order to sustain its operations.

In a statement to the Hong Kong stock exchange on Wednesday, China Rongsheng Heavy Industries Group Holdings Ltd. said that at the end of June it had 870.8 million yuan worth of cash on hand, about 40% of the 2.14 billion yuan it had six months earlier. The company...